System and method for processing financial transactions using a mobile device for payment

Abstract

A method for processing a financial transaction includes: storing, in a database, a plurality of wallet data entries, wherein each wallet data entry includes at least a mobile device identifier and payment details associated with at least one payment account; receiving, by a receiving device, an authorization request for a financial transaction, wherein the authorization request includes at least a mobile device identifier and transaction data; transmitting, to a mobile computing device associated with the mobile device identifier, at least the transaction data; receiving, from the mobile computing device, an indication of a payment account for funding of the financial transaction; identifying, in the database, payment details associated with the indicated payment account in a wallet data entry including the mobile device identifier included in the authorization request; and transmitting, to an issuer associated with the indicated payment account, at least the payment details and the transaction data.

What is claimed is: 
     
       1. A computer-implemented method for identifying payment details, comprising:
 storing, in a database of a processing server device, a plurality of wallet data entries, wherein each wallet data entry includes at least (i) a mobile device identifier associated with a mobile computing device, (ii) payment details associated with a plurality of payment accounts and (iii) a default payment account identified from the plurality of payment accounts, said default payment account to be used to fund payment transactions, wherein said payment details associated with the plurality of payment accounts are not stored locally on the mobile computing device; 
 receiving, by a receiving device of the processing server, an authorization request for a financial transaction from a transaction system of a merchant involved in the financial transaction, wherein the authorization request includes at least a mobile device identifier and transaction details, and does not include payment details; 
 in response to receiving the authorization request from the financial system of the merchant, transmitting, by a transmitting device of the processing server device, over a communication network, via mobile network operator (MNO), to a mobile computing device associated with the mobile device identifier included in the authorization request, a confirmation request, said confirmation request including at least the transaction details associated with the financial transaction with the merchant, wherein said transmission activates an application program installed on the mobile computing device causing the transaction details to be displayed on a display of the mobile computing device and prompting user-confirmation of the financial transaction; 
 receiving, by the receiving device of the processing server, via the communication network, from the mobile computing device, confirmation of the financial transaction; 
 in response to receiving confirmation of the financial transaction from the mobile computing device, identifying, by the processing device of the processing server device, in the database of the processing server device, a specific wallet data entry including the mobile device identifier included in the authorization request received from the transaction system of the merchant; 
 determining, by the processing device of the processing server device, whether a default payment account is identified from the plurality of payment accounts in the specific wallet data entry; 
 when a default payment account is identified from the plurality of payment accounts in the specific wallet data entry, identifying, by the processing device of the processing server device, in the specific wallet data entry, payment details associated with default payment account; and 
 transmitting, by the transmitting device of the processing server device, the identified payment details of the default payment account to a payment network for approval or denial of the payment transaction. 
 
     
     
       2. The method of  claim 1 , wherein the payment account is a payment card account. 
     
     
       3. The method of  claim 1 , wherein the payment details include at least one of: payment account number, expiration date, and security code. 
     
     
       4. The method of  claim 1 , wherein the mobile device identifier is a phone number associated with the associated mobile computing device. 
     
     
       5. The method of  claim 1 , wherein the mobile device identifier is a media access control (MAC) address. 
     
     
       6. The method of  claim 1 , wherein
 the payment details associated with at least one payment account each include a mobile personal identification number (PIN), 
 the received confirmation further includes a provided PIN, and 
 the identified payment details are transmitted to the payment network if the provided PIN corresponds to the mobile PIN included in the payment details associated with the identified default payment account. 
 
     
     
       7. The method of  claim 1 , further comprising:
 receiving, by the receiving device, an authorization response from the payment network indicating approval or denial of the financial transaction; and 
 transmitting, by the transmitting device, the authorization response to the merchant. 
 
     
     
       8. An electronic system for identifying payment details, comprising:
 a processing device of a processing server device; 
 a database device, of a processing server device, configured to store a plurality of wallet data entries, wherein each wallet data entry includes (i) at least a mobile device identifier associated with a mobile computing device, (ii) payment details associated with a plurality of payment accounts and (iii) a default payment account identified from the plurality of payment accounts, said default payment account to be used to fund payment transactions, wherein said payment details associated with the plurality of payment accounts are not stored locally on the mobile computing device; 
 a receiving device, of the processing server device, configured to receive an authorization request for a financial transaction from a transaction system of a merchant involved in the financial transaction, wherein authorization request includes at least a mobile device identifier and transaction details and does not include payment details; and 
 a transmitting device, of the processing server device, configured to transmit, over a communication network, via a mobile network operator (MNO), in response to receiving the authorization request from the transaction system of the merchant, to a mobile computing device associated with the mobile device identifier included in the authorization request, a confirmation request, said confirmation request including at least the transaction details associated with the financial transaction, wherein said transmission activates an application program installed on the mobile computing device causing the transaction details to be displayed on a display of the mobile computing device and prompting user-confirmation of the financial transaction, wherein 
 the receiving device, of the processing server device, is further configured to receive, from the mobile computing device, confirmation of the financial transaction, 
 the processing device, of the processing server device, is configured to, in response to receiving confirmation of the financial transaction from the mobile computing device, (i) identify, in the database device, of the processing server device, a specific wallet data entry including the mobile device identifier included in the authorization request received from the transaction system of the merchant, (ii) determine whether a default payment account is identified from the plurality of payment accounts in the specific wallet data entry, and (iii) when a default payment account is identified from the plurality of payment accounts in the specific wallet data entry, identify, in the specific wallet data entry, payment details associated with the default payment account, and 
 the transmitting device, of the processing server device, is further configured to transmit the identified payment details of the default payment account to a financial network for approval or denial of the payment transaction. 
 
     
     
       9. The system of  claim 8 , wherein the payment account is a payment card account. 
     
     
       10. The system of  claim 8 , wherein the payment details include at least one of: payment account number, expiration date, and security code. 
     
     
       11. The system of  claim 8 , wherein the mobile device identifier is a phone number associated with the associated mobile computing device. 
     
     
       12. The system of  claim 8 , wherein the mobile device identifier is a media access control (MAC) address. 
     
     
       13. The system of  claim 8 , wherein
 the payment details associated with at least one payment account each include a mobile personal identification number (PIN), 
 the received confirmation further includes a provided PIN, and 
 the transmitting device is configured to transmit the identified payment details to the payment network if the provided PIN corresponds to the mobile PIN included in the payment details associated with the identified default payment account. 
 
     
     
       14. The system of  claim 8 , wherein
 the receiving device is further configured to receive an authorization response from the payment network indicating approval of denial of the financial transaction, and 
 the transmitting device is further configured to transmit the authorization response to the merchant.